Hai Phat Investment Joint Stock Company will sell or transfer all of its capital contribution at HP Hospitality Nha Trang Company Limited, which is more than VND 176 billion, equivalent to 78% of charter capital. Chairman of Hai Phat Board of Directors, Mr. Do Quy Hai, is authorized to proactively find and decide on a partner to buy or receive the transfer of capital contribution, as well as the method, time, and value of the transaction.

HP Hospitality Nha Trang is the investor of the TM1 commercial land area, part of the Tan Lap Islet residential area project. This is one of the prime land locations in Nha Trang City, adjacent to Tran Phu Bridge, the mouth of the Cai River flowing into the sea. Previously, in 2017, Hai Phat bought back the capital contribution at HP Hospitality Nha Trang from Song Da Thang Long Joint Stock Company.

Currently, Hai Phat still introduces on the website the goal of building TM1 into a mixed-use area including 5-star hotels, rental apartments, houses and a commercial center. The scale of the project includes 3 towers of 40 floors, including 3 commercial floors, 10 hotel floors, and 27 apartment floors.

However, according to a report by the Khanh Hoa Department of Planning and Investment in April 2023, the TM1 commercial land was transferred in 2017, but the investor has just completed the procedures for granting an investment registration certificate, and has also been fined for slow progress.

Hai Phat announced information about the transfer of capital contribution at the enterprise owning the project in Nha Trang in the context that this company is facing many difficulties. To date, Hai Phat has not been able to publish its audited financial statements for 2022 and the first two quarters of 2033.

The company explained to the Ho Chi Minh City Stock Exchange (HoSE) that it faced many financial difficulties, could not access credit sources, could not issue bonds, had many changes in its shareholder structure and senior personnel due to the impact of Covid-19, policy impacts, as well as the real estate market entering a recession and losing liquidity. In mid-April, the family of Chairman of the Board of Directors Do Quy Hai was also fined nearly VND 2 billion for illegally selling HPX shares.